Conditional Approval for Married Couple

[Eric Jones]

We have a husband and wife that have applied for one of our properties (both of them applied individually, as instructed). The wife meets the minimum requirements, but the husband does not meet the credit score requirement. As suggested in one of the Bigger Pockets books we included a disclaimer in our requirements that, at our discretion, we could require things like an additional deposit to offset the credit score in the event an applicant did not meet the credit score requirement; this is what we intend to do (require an additional deposit).

My question is should we send an approval notice to the wife and send the conditional approval notice to the husband at the same time? Or should we just send the conditional approval notice to the husband first? Or should we send one conditional approval notice that is addressed to them together?

Being that they are married (and have been for 20 years), I feel it would make sense to conditionally approve them together with the requirement of an additional deposit, but is that wrong since they applied individually? I know if this were a true roommate situation it would be best to approve / conditionally approve them separately, but since they are married should I address their approval together? Any input would be greatly appreciated, thanks!

[Colleen F.]

@Eric Jones  They are applying for a unit together, of course you get separate credit reports but the decision is a single decision. You will rent to them or not. You send one notice to both of them that states they need an additional deposit if that is what you want to do.  I would not provide any credit information to the other spouse.   I can't do the extra deposit in my state so typically I just either offer or don't.  You should also look at the credit report to see why there is such a discrepancy between spouses. Failed business? medical debt? That may tell you something.